Authority: National Company Law Tribunal, Division Bench (Court-I), Chennai
Order Date: 14 July 2026
Case Overview
The National Company Law Tribunal (NCLT) Chennai heard Corporate Petition No. CP(IB)/187(CHE)/2025 filed by Axis Bank Ltd under Section 7 Rule 4 of the Insolvency and Bankruptcy Code, 2016 against Veremax Technologie Services Pvt Ltd. The petition represents a corporate insolvency proceeding initiated by the financial creditor (Axis Bank) against the corporate debtor (Veremax Technologie Services).
During the hearing held via video conference, both parties were represented by their legal counsel - Mr. Bharadwaj Ramasubramaniam for the petitioner (Axis Bank) and Mr. Pawan Jhabakh for the respondent (Veremax Technologie Services). The counsels jointly submitted that the parties had reached a settlement agreement, pursuant to which partial payment has already been made by the respondent corporate debtor to the petitioner financial creditor.
The respondent through its counsel indicated that it is contemplating making the balance payment within three weeks from the date of the hearing (14 July 2026). The tribunal noted this submission and the progress toward settlement.
Final Outcome
The NCLT bench comprising Hon'ble Shri. Sanjiv Jain (Member Judicial) and Hon'ble Shri Venkataraman Subramaniam (Member Technical) acceded to the joint request of the parties and listed the matter for next hearing on 07 August 2026 specifically for reporting on the settlement. The continuation of the case is contingent upon whether the respondent completes the balance payment as contemplated.
- Topics: Corporate Insolvency, Debt Settlement